Dynanonic(SZ:300769) Minsheng Securities·2024-08-31 03:07Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 24.05 CNY [3]. Core Views - The company reported a significant decline in revenue for the first half of 2024, with a total revenue of 4.341 billion CNY, down 51.18% year-on-year. However, the net profit attributable to shareholders showed a loss of 516 million CNY, which is a 50.59% improvement compared to the previous year [1]. - The company has a strong production capacity in phosphate-based cathode materials, with a production volume of 115,500 tons, up 31.23% year-on-year, and sales volume of 105,800 tons, up 13.28% year-on-year [1]. - The company is focusing on manganese iron lithium as a new generation cathode material, which has shown promising commercial progress with several new models launched in 2024 [1]. - The company is also developing lithium supplement agents through advanced technology, which have been validated by key customers and are positioned to enhance battery performance significantly [1]. Financial Summary - The company is projected to achieve revenues of 10.018 billion CNY, 12.094 billion CNY, and 13.883 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year changes of -41.0%, +20.7%, and +14.8% [4]. - The net profit attributable to shareholders is expected to be -675 million CNY, 249 million CNY, and 465 million CNY for the same years, with year-on-year changes of +58.7%, +136.9%, and +86.3% [4]. - The current price corresponds to a price-to-earnings ratio of 27 for 2025 and 15 for 2026, indicating potential for improved profitability with new technologies [1][4].